Fashion goods firm Tandy Brands Accessories Inc on Thursday posted a flat first quarter net profit of $2.4 million and announced the appointment of corporate controller Mark Flaherty as its new chief financial officer.

The Texas-based company said that figure was before a change to comply with a new accounting rule which reduced net profit to $1.8m. It addeds ales climbed just over 10 per cent to $60m from $54.1m in the year-ago period.

President and CEO, J Jenkins, commented: "Tandy Brands got off to an excellent start in the first quarter of 2003 despite the difficult economic environment that continued to impact the retail industry.

"We are especially pleased by the strong performance of our women's department store product line, whose sales were substantially above internal expectations.

"Our Dockers branded women accessories continue to be well received, and the launch of our Levi's branded women's belts and small leather goods this fall also performed above our initial estimates.

He added Stanley Ninemire, who previously served as Tandy Brands' CFO, has been given the role of executive vice president of operations.